Regional integration in its development can be traced both in countries that initially follow the path of market management, and in developing countries and countries with administrative regulation of the economy. An example of a regional integration association of countries, which today has the most significant period of its existence, is the European Union (EU). […]
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Content, prerequisites and objectives of regional economic integration
In modern conditions, regional economic integration leads to the establishment of closer economic (and on this basis, political, scientific, cultural) ties between the participating countries. Economic integration completely eliminates or significantly weakens barriers to international migration of goods, services, capital and labour. The following conditions contribute to the creation of integration groupings. The proximity of […]
Free competition in the theory of A. Smith
Adam Smith in his book “Studies on the Nature and Causes of the Wealth of Nations” (1776), in contrast to the mercantilists, advocated freedom of competition within the country and in the world market, sharing the principle of “laisser-faire” put forward by the French economic school of physiocrats – non-interference of the state in the […]